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Author Topic: What would it take for you to lose faith in Bitcoin?  (Read 3558 times)
BTC Economist
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June 28, 2011, 08:02:48 PM
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Is there anything that would make you lose faith?

When BTC soars, you need to be READY!  PM me to learn more about my new e-book, How to Create and Profit from the Second Bitcoin Bubble available exclusively to BTC forum members!

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June 28, 2011, 08:18:29 PM
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A price meltdown or huge thief from hackers.
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June 28, 2011, 08:20:47 PM
 #3

A price meltdown or huge thief from hackers.
Next time that happens, I'll buy all your BTC @ $1/ea - PM me with details

Is there anything that would make you lose faith?
The abolishment of the Federal Reserve and a return to a gold backed dollar.  Anything else is a buying opportunity

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June 28, 2011, 08:21:22 PM
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Is there anything that would make you lose faith?

you don't understand bitcoin technology!! bitcoin is decentralized!
why don't you read satoshi's paper and you'll see that faith can never be lost.
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June 28, 2011, 08:22:02 PM
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I have no faith in it to begin with.

I think it could still work as a currency, and I guess to an extent I'm grateful to the people investing in it for giving it an actual "value" people can put on it, but at the end of the day until a functioning economy is born from it that's any significant percentage of the amounts changing hands, it's all just meaningless.

As far as "faith" goes, "faith" to me implies the type of investor who thinks they can just grab a whole fuckton of them while they're cheap, and that they'll somehow magically gain value all on their own without anyone building anything from it. If you came to this conclusion on your own, you're a fool, and if you came to this conclusion because someone else implied it then you got swindled.

^_^
finnthecelt
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June 28, 2011, 08:22:42 PM
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Nothing. Wait, the Rapture? Yes, the Rapture. I would be forced to put my faith elsewhere.
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June 28, 2011, 08:25:39 PM
 #7

Bitcoin protocol failure. - Counterfeiting,  double spending, bitcoin address match, or in another words - way to find right pairs to public key`s
That kind of stuff.

We will  meet in not-so-distant future.
Today`s strange music :
http://www.youtube.com/watch?v=V8mCgjbBPMk
Yesterday`s  strange music:
http://www.youtube.com/watch?v=-uCTyC1FGLw
bitcoin0918
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June 28, 2011, 08:34:26 PM
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Scalability problems - having to wait weeks/months for any confirmations.

"So you think that money is the root of all evil?" said Francisco d'Aconia. "Have you ever asked what is the root of money?" [contd.]
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June 28, 2011, 08:37:02 PM
 #9

Actual bitcoin getting hacked without possibility of the hack being patch. Stuff like encryption or protocol problems that allows creating of free bitcoins or stealing other people's coins.

BTC Economist
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June 28, 2011, 08:40:06 PM
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If no market for bitcoins develops, would you lose faith?  Say the market for bitcoins continues to exist in its current state where there are limited products/services you can buy?

When BTC soars, you need to be READY!  PM me to learn more about my new e-book, How to Create and Profit from the Second Bitcoin Bubble available exclusively to BTC forum members!

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June 28, 2011, 08:40:39 PM
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tradehill database got compromised.

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bitcoin0918
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June 28, 2011, 08:41:30 PM
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If no market for bitcoins develops, would you lose faith?  Say the market for bitcoins continues to exist in its current state where there are limited products/services you can buy?
That would be a failure of the bitcoin movement to convince the general public, not a failure of bitcoin specifically.

"So you think that money is the root of all evil?" said Francisco d'Aconia. "Have you ever asked what is the root of money?" [contd.]
BTC Economist
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June 28, 2011, 08:48:35 PM
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If no market for bitcoins develops, would you lose faith?  Say the market for bitcoins continues to exist in its current state where there are limited products/services you can buy?
That would be a failure of the bitcoin movement to convince the general public, not a failure of bitcoin specifically.

The question is not whether the technology will fail. 

When BTC soars, you need to be READY!  PM me to learn more about my new e-book, How to Create and Profit from the Second Bitcoin Bubble available exclusively to BTC forum members!

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nazgulnarsil
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June 28, 2011, 08:49:28 PM
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I think bitcoins represent a major turning point in economic development.  If bitcoin fails it will be because humans are worthless, not because bitcoins are.
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June 28, 2011, 08:50:59 PM
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When I am the last node remaining.
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June 28, 2011, 08:51:16 PM
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I think bitcoins represent a major turning point in economic development.  If bitcoin fails it will be because humans are worthless, not because bitcoins are.
[/quote

thats my favourite so far
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June 28, 2011, 08:51:38 PM
 #17

When the congressman and lawmakers at any party who opposes bitcoins without knowing it's white-papers still standing in the next election  Cool

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June 28, 2011, 08:54:40 PM
 #18

When I am the last node remaining.
When they pry the bits from my cold dead hands!
dennis_sweden
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June 28, 2011, 08:55:50 PM
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I have no faith in it to begin with.

I think it could still work as a currency, and I guess to an extent I'm grateful to the people investing in it for giving it an actual "value" people can put on it, but at the end of the day until a functioning economy is born from it that's any significant percentage of the amounts changing hands, it's all just meaningless.

As far as "faith" goes, "faith" to me implies the type of investor who thinks they can just grab a whole fuckton of them while they're cheap, and that they'll somehow magically gain value all on their own without anyone building anything from it. If you came to this conclusion on your own, you're a fool, and if you came to this conclusion because someone else implied it then you got swindled.

I agree with the first part; faith on my part will only exist when there is an actual economy that works in practice. Before then a number of occurences could happen that would render an actual working economy impossible, of which protocol failure and legal problems (which would target the exchanges) are two occurences that spring to mind. "The abolishment of the Federal Reserve and a return to a gold backed dollar" is a wet dream, but not even in a parallel universe is it a possibility.

How can you tell when a politician is lying? His lips are moving. A little girl asked her father, 'do all fairy tales begin with "Once upon a time"? The father replied, 'No, some begin with - If I am elected.' How come political leaders don't have all the answers until they write their memoirs?
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June 28, 2011, 08:56:25 PM
 #20

if BTC Economist takes huge share of all existing Bitcoins
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